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Maine Bankruptcy Records

The majority of Maine Bankruptcy Records indicate the state ranks 42nd in terms of the most declared bankruptcies during the 2007 calendar year. Maine bankruptcies amount to 0.21 % of the total number of bankruptcy cases filed in the whole country. The Maine State Bankruptcy Records both the Maine Federal Bankruptcy Records and the Maine County Bankruptcy Records. These are available to the public.

The number of bankruptcy cases filed in US in the year 2007 was 751,056. The number rose to 967,831 the following year. Bankruptcy is filed when an individual or business has suffered a setback financially and there is no scope for overcoming the same. In such cases, filing for bankruptcy gives the debtor a chance to restore his or her financial situation and begin afresh.

Maine Bankruptcy can be classified into two major categories:

Straight Bankruptcy (Chapter 7): This type of bankruptcy is filed when the debtor has no way of repaying the debts incurred. Also known as ?liquidation', it is a process that enables a trustee to sell the non-exempt property of the debtor and then distribute the money among the creditors. This is applicable for individuals, organizations, partners and married couples.

Wage Earner Bankruptcy (Chapter 13): In case of this type of bankruptcy, the debtor is given a longer period of time to settle the debts. The plan is chalked out in such a manner as to give the debtor a chance to revive from the financial setback and repay the debts.

Before filing for bankruptcy in Maine, you need to collect all information about your personal and financial data or alternately you could order your credit report. The credit report will have the list of all your secured and unsecured debts, assets, deeds to any real estate that you own, tax returns for the last two years, car loan documents or details of any other loans. Then you need to use the services of a good attorney to file for a bankruptcy petition.Filing a petition requires one to pay a fee which is $200 for a Chapter 7 bankruptcy case and $185 for a Chapter 13 bankruptcy case. However, while filing for a Chapter 13 bankruptcy case you will also have to give a proposal enlisting a repayment plan along with your bankruptcy petition. Once the petition has been filed with the court, an automatic stay comes into effect which stops the creditors from taking any actions against the debtor's properties. The stay also prevents any creditors from taking actions against a debtor till they seek relief from the stay.

To file for a bankruptcy petition in Maine you need to meet certain conditions laid down by the federal bankruptcy laws. Your income should be below the median income range of individuals or families living in Maine which is calculated by the Census Bureau. However, if your income exceeds the median income, then in effect your income in the last six months will be taken into account. Your income would also include taxes, mortgage and payments for your car.

Maine bankruptcy files show the number of cases filed with the different Maine bankruptcy courts. It is these Maine Courts that deal with the bankruptcy cases filed in the district. The filing, hearing and termination of bankruptcy are all done according to the procedures laid down by the authorities. It is necessary to obtain the help of a professional bankruptcy attorney to get through with the proceedings.

Verify Maine Bankruptcy Records Online

Access to the Maine bankruptcy record database gives you the opportunity to cross check individuals and businesses before you begin any financial transaction. For example, you need to know the financial history of an individual or a business before you approve a loan or agree to a mortgage. It is the availability of the Maine Bankruptcy Records that makes this task easier.

The online database of Maine Court Records gives you detailed information about the individuals and businesses that have filed for bankruptcy within the jurisdiction of the district. Moreover, the arrangement of the information is done in such a way that Maine Bankruptcy Search becomes easier.

Finding out all details about the financial background of an individual or the business is convenient if you avail the help of these online record databases of Maine. It is however advisable to take the help of government databases so that you are sure about the authenticity of the information given. And what is even more important is that accessing these records is absolutely anonymous and secure. You can browse through the records and retrieve information pertaining to credit history or loan details of any individual or organization without disclosing his identity.